QFC has registered 52 firms during the third quarter this year. With the year’s final quarter registrations, QFC has already raised the number of new firms joining the platform in 2021 to 250 before the year-end.
With the year’s final quarter registrations, QFC has already raised the number of new firms joining the platform in 2021 to 250 before the year-end.
The in-person event convened QFC’s senior management, key business leaders in Qatar, ambassadors, and existing QFC firms to highlight inspiring success stories and provide in-depth insights into how the QFC platform enables business progress. With guests from different business sectors and embassy representatives, the event provided the new firms a broad opportunity to network and explore potential business collaborations and partnerships.
The key speakers at the gathering included Fahad bin Mohamed al-Attiya, ambassador of Qatar to the UK; engineer Omar al-Ansari, secretary general, QRDI Council; Yousuf Mohamed al-Jaida, chief executive officer, QFC; and Sheikha Alanoud bint Hamad al-Thani, deputy CEO and chief business officer, QFC.
Business leaders from QFC firms also spoke at the event to share their successful business journey in Qatar as QFC licensed companies. They included Simon Chan, counsel at K&L Gates; Mohamed Ali, CEO, Sponix Tech; Mohamed al-Emadi, head of Angel Investment, Qatar Development Bank; and Thomas Quemin, general manager, GL Events.
Al-Jaida said, “We are very pleased with the substantial growth of our QFC community over the years, as we welcome our newly-registered firms and support their successful business journey in Qatar and the region. Our firms form the core of our platform and contribute a significant share to Qatar’s economic diversification through their range of business activities. This was evident in our recent economic impact assessment report, which showed that one percent of the country’s total economic activity was created by the activities at the QFC platform.”
He added: “The array of quality business opportunities enabled through our partnerships with key organisations are instrumental in helping QFC firms thrive. This is why events such as ‘QFC Meets’ are integral to the QFC agenda, through which we open gateways to new partnerships and productive collaborations that lead to business growth.”
During the event, QFC signed a memorandum of understanding (MoU) with Qatar Research Development and Innovation (QRDI) Council as part of its effort to support the growth of its firms. The MoU will facilitate the introduction and full participation of the QFC firms in QRDI’s incentive programmes.
Sheikha Alanoud said: “Diversification and economic competitiveness have been at the centre of the QFC mission since our inception in 2005. Our role in helping the nation’s economy develop into the vision set forth in Qatar’s National Vision 2030 is in part to attract foreign investment and help local firms go global, as well as help and retain the foreign talent necessary to drive further innovation.
She added: “As a founding member of a business ecosystem dedicated to working together to help the nation develop a progressive and knowledge-based economy, QFC has over the years enjoyed tremendous success having helped more than 1,200 companies from around the world establish and operate in Qatar, in a wide variety of sectors.”
Also attending the event and supporting QFC and the local business community were Omar Alfardan, president and CEO, Alfardan Group; Abdulrahman al-Mannai, CEO, Milaha; Ashraf Abu Issa, chairman and CEO, Abu Issa Holding; Hussein al-Abdulla, CEO, QInvest; Hamad MK al-Thani, SVP Investments, QIC; Mohamed al-Malki, undersecretary assistant, MoCI; Jinoos Shariati, director of Trade and Investment, British embassy Doha; and Dr Deepak Mittal, ambassador of India to Qatar.
The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation treaty network with over 80 countries, a legal environment based on English common law and the right to trade in any currency.